Moving From India: Looking For Loan Information

[chakki]

Hi Friends,

I am an Indian citizen, re-locating to Colombo for a few years for moving into a new job. I'll be looking to buy a new or second-hand car as soon as I am there.

There is a limit on the amount of funds that I can transfer from India. Hence I would be looking at obtaining a loan to buy the car. Can someone enlighten me on the car loan scenario in Sri Lanka - like availability, rates, down-payments, process complexity etc etc. Please note that I will be new to Sri Lanka, with no references/guarantors, no credit history etc - but my salary in Sri Lanka will at the higher end (& I will be having the letter from employer which gives the details.)

Cheers,

chakki

[Duncan]

Hi there

Sorry can't help you with your question as I don't live in SL. Hopefully someone else will do the needful.

Never the less, I would like to welcome you to AutoLanka and hope that you will enjoy the motoring experience in SL.

Cheers

[Overdrive]

Well mate I don't think it will be much of a problem if your employer can give a letter to the bank with your salary particulars also stating that the employer would undertake to remit your wages to the bank account which will be subsequently opened for you.

You should be looking at applying for a lease facility as you do not have a financial history with any bank in SL. The car will be held as collateral ofcourse ( as they don't trust you...just kidding, standard protocol). You will have to provide 2 good guranters (co. directors, managers etc.from work will do, could be from ur work place, valuation of the vehicle, performa invoice from the seller,copies of Id/passport etc.

This is all subject to status. meaning you should also show evidence of your contract period covering the repayment period of the loan. and i hope the company thats sponsoring u in SL is well recognised, will make things easier. You should show a decent Disposable income to make repayents comfortabaly..The standard stuff...If you have these bases covered i think you should be sorted.

rates would be anything from approx 17% p.a upwards, could vary.sorry. repayment woud be roughly 36 to 60 months.

All the Best.

Cheers